In Short:
Sun Pharmaceutical Industries has completed the merger with Taro Pharmaceutical Industries, ending a long feud. Taro will be delisted from NYSE and will be 100% owned by Sun Pharma. The deal is valued at $347.73 million. Sun Pharma now owns all outstanding shares of Taro, making it a private company. Shareholders had approved the merger agreement. Sun Pharma Chairman called it a new chapter for both companies.
Drugmaker Sun Pharma Completes Merger with Taro Pharmaceuticals
Exciting news alert! Sun Pharmaceutical Industries has officially completed the merger with Taro Pharmaceutical Industries from Israel. This merger brings an end to a long-standing feud between the two companies that has been making headlines across various countries.
Merger Completion
The Registrar of Companies in Israel issued a Merger Certificate on June 24, making Taro a privately-held company that is now 100% owned by Sun Pharma, up from 78.5% previously. The total value of this deal amounts to a whopping $347.73 million.
Sun Pharma has acquired all outstanding ordinary shares of Taro, making it a wholly-owned private company under the Sun Pharma umbrella. This merger solidifies the relationship between the two companies, with Sun Pharma being the majority shareholder in Taro since 2010.
Shareholder Approval
Shareholders of Taro Pharmaceutical gave their seal of approval to the merger agreement with Sun Pharmaceutical Industries at a recent meeting. This move sets the stage for a new era of collaboration and growth for both organizations.
Quote from the Chairman
In a statement following the completion of the merger, Dilip Shanghvi, Chairman and Managing Director of Sun Pharma, expressed his optimism for the future. He highlighted the synergies between the two companies and the opportunities that lie ahead, calling it a significant milestone in their journey.
The Journey to Merger
The merger between Sun Pharma and Taro Pharmaceuticals has been a long and eventful process. Sun Pharma initially made a $454 million offer for Taro in 2007, leading to a series of negotiations and challenges. After a few setbacks, including opposition from minority shareholders, the deal was finally sealed at $43 per share in December 2023.
About Taro Pharmaceuticals
Headquartered in New York, Taro Pharmaceuticals operates in multiple countries including the US, Canada, Israel, and Japan. With manufacturing facilities in Canada and Israel, Taro boasts a diverse product portfolio that includes dermatology and other prescription and over-the-counter products.
Exciting times lie ahead for Sun Pharma and Taro Pharmaceuticals as they embark on this new chapter of their journey together!
